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- The difference between transfer and EFT is as follows123:
- EFT (Electronic Funds Transfer) is an umbrella term encompassing all automatic electronic transfers.
- Wire transfer is a specific type of EFT.
- While EFTs refer to the entire category of electronic payments, wire transfers are simply one example of such a payment.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Under an EFT, there is a movement of money from one bank account to another electronically. In a wire transfer, the sender’s bank sends information about the money transfer through a secure messaging network like SWIFT to the recipient’s bank to deposit its reserve funds into the recipient’s account.jupiter.money/international-money-transfer/differen…Wire transfers and EFTs are often confused, but there are differences between them. EFT is an umbrella term encompassing all automatic electronic transfers, while wire transfers are a specific type of EFT. In this article, we cover the difference between wire transfers and EFTs, the benefits of each, and how you can choose which is best for you.moneytransfers.com/wire-transfer/wire-transfer-vs-…However, if you’re still unsure, it might help to think of it like this: a wire transfer is a type of EFT, but an EFT is not a type of wire transfer. They both offer secure, convenient ways to move funds, but while EFTs refer to the entire category of electronic payments, wire transfers are simply one example of such a payment.gocardless.com/en-au/guides/posts/difference-bet… - People also ask
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